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Technical Cross
Written by article default Friday, 30 September 2011 08:26
Morning Report
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The pair found difficulties settling above the pivotal 120.40 resistance and reversed as shown on image. Stochastic is gradually unloading negativity and approaching the sensitive support at 118.85. In general, we need to monitor trading around these sensitive levels which are the key for the intraday direction for the pair. The levels are 118.85 support and 120.40 resistance.
The expected trading range for the day is among the key support at 117.35 and the key resistance at 122.10.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 118.85 | 118.00 | 117.35 | 116.90 | 116.00 |
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| Resistance | 119.50 | 120.40 | 120.80 | 121.30 | 122.10 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 120.40 targeting 122.10 and stop loss with hourly closing below 119.50 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair failed to stabilize above the pivotal level we mentioned yesterday at 104.35, to decline again and form a possible negative technical pattern over intraday basis, the pattern is the result of two failed attempts to stabilize above the aforementioned level. Therefore, we recommend neutrality today, where the negative pressure from stochastic and the 50 EMA along with the negative technical pattern may push the pair to resume the downside trend.The levels we should watch today are 103.25 support and 104.90 resistance.
The expected trading range for the day is among the key support at 101.75 and the key resistance at 105.30.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 103.25 | 102.75 | 102.30 | 101.75 | 101.35 |
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| Resistance | 103.65 | 104.05 | 104.40 | 105.10 | 105.75 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The trading range expands, where the pair declined to reach the 50% Fibonacci level, after the 23.6% level-which turned into resistance after it was breached- halted the upside attempts to prove strength. Accordingly, we will remain neutral today, awaiting a breach of the range bound shown on image.
The expected trading range for the day is among the key support at 0.8590 and the key resistance at 0.8790.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8660 | 0.8595 | 0.8500 | 0.8455 | 0.8400 |
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| Resistance | 0.8710 | 0.8730 | 0.8790 | 0.8845 | 0.8885 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||